Market Update: Sensex surges nearly 1100 points, Nifty breaches 16650-mark intraday – IT, Auto stocks lead the surge

The Indian market continued its winning streak for the third straight session on Monday, as Sensex gained almost 1100 points and Nifty breached the 16650-mark intraday, led by IT and Auto stocks. 

At around 12:40 PM, the BSE Sensex was up around 1083 points or 1.96 per cent to 55967, while Nifty50 was up almost 313 points or 1.91 per cent to the 16665-mark intraday. Outperforming the benchmark indices, the broader markets – mid and small-cap – surged over 2 per cent intraday. 

As many as 44 stocks were in the green, while 6 in the red on Nifty50 at around 12:44 PM.  On the back of strong March quarter results, Mahindra and Mahindra surged almost 5 per cent to become the index top gainer, followed by Infosys, Titan, HCL Tech, each up between 4-4.5 per cent intraday. 

Index heavyweights such as Adani Ports, Tech Mahindra, TCS, UPL, Tata Motors, L&T, Reliance are each up between 3-4 per cent, while Wipro, Shree Cement, UltraTech Cement, Tata Consumer, Grasim, Divis Lab, HDFC, Coal India, and Cipla were up between 2-3 per cent intraday.  

On the contrary, JSW Steel slumped most by over 2 per cent intraday amid lower estimated Q4 results. While other stocks such as Kotak Bank, ONGC, Sun Pharma, ITC, Dr Reddy are trading negative in an otherwise positive market intraday. 

Sectorally, all indices sat in the green, in which Nifty IT and Nifty Auto gained most each by around 4 and 2 per cent respectively, while all other important sectoral indices such as Nifty Bank, Nifty Financial Service, Nifty Metal, Nifty Pharma are trading between 0.5-1 per cent intraday.